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Power Corporation of Canada POW-T says it earned record profits last year as net income was flat in the fourth quarter.

The Montreal-based holding company said its earnings attributable to shareholders reached $2.92-billion last year, up from $1.99-billion in 2020, while adjusted profits increased 55 per cent to $4.77 per diluted share.

In the three months ended Dec. 31, Power earned $626-million or 93 cents per share, up from $623-million or 92 cents per share in the prior-year quarter.

Adjusted profits for the quarter were $676-million or $1 per share, in line with analyst forecasts and up from $627-million or 93 cents per share in the fourth quarter of 2020.

The company says it has realized its $50-million targeted cost reductions from its reorganization completed in February 2020 in which it acquired the minority interests of Power Financial.

Power holds full control of Power Financial and with that majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.

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